China's Gold Trading Hub Shaken by Payment Crisis

China's Gold Trading Hub Faces Payment Challenges

Shuibei, the heart of China's private gold trade, is currently facing significant disruptions. The platform Ydd007 has reported severe funding shortages and three 'severe runs' in recent days, causing panic among investors. This comes just after another major platform, JWR, faced a redemption crisis, leading to investigations by Shenzhen authorities into potentially unpaid funds exceeding 1.4 billion yuan. The global decline in gold prices adds to the instability, affecting markets worldwide.